S&P reaches milestone 2000 market

The S&P index closed above 2000 for the first time Tuesday. U.S. stocks have held up in the wake of corporate earnings growth and low interest rates have helped support this year's advance. 

While investors have the lingering thought of a correction past data for the immediate future might suggest otherwise. For example, past behavior of the S&P 500 tends to continue rallying following the passing of a market milestone, Two weeks after the passing of a century denomination, the SP 500 &averages a 1% gain and is positive 79% of the time. Three months later, the index averages a 3.6% gain and is positive 89% of the time.

Markets Flat Among Uncertain Tone

The market maintained a relatively flat movement among its robust levels. Geopolitical uncertainty in Russia and Ukraine, in conjunction with concerns about the euro-zone economy have played a significant backdrop among investor sentiment. However, a relatively strong 2nd quarter earnings season and low interest rates provide the support levels to maintain a rally that some might see as due for a correction.

In coming days, the market will continue to focus on Russia and Ukraine, particularly since Germany and France maintain a strong dependence on Russia for natural gas.

July Unemployment Numbers Released

The US economy added 209,000 jobs during the month of July. The unemployment rate moved up slightly 6.2%. The labor force participation rate remained near its lowest level in decades 62.9% Industries with the most robust hiring included professional business services manufacturing and construction. Dallas Fed President Richard Fisher stated his belief that the first interest rate hike will move significantly earlier.